15th Jan 2019 12:48
LONDON (Alliance News) - FTSE 100-listed pharmaceuticals giant GlaxoSmithKline PLC said Tuesday it has extended the expiration date for its tender offer for the oncology-focused US pharma business Tesaro Inc.
The USD5.1 billion deal will expire this Friday, four days on from the originally agreed expiration date of Monday.
This extension allows for the expiration of the one month statutory review period of the German Act against Restraints of Competition and the four week review period needed for the Austrian Cartel Act.
Glaxo expects the offer will be "consummated promptly" following the expiration date.
As of Monday, 46.7 million Tesaro shares have been tendered, representing about 77% of the US company's issued share capital.
Shares in GlaxoSmithKline were down 0.3% Tuesday at 1,486.00 pence each.
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